What else was there to do when you know you can't gamble any more? Walk around and take in the sights.
The Masquerade Show in the Sky is a show performed within the Rio Casino. Free entertainment! Filled with seductive song and dance numbers which begins on a stage that eventually carries on over to these floating boats circling about on rails in the ceiling, where the performers throwing beads like that of Mardi Gras or Carnival. You can sit at the slots on floor level, or stand on the second story hallways, where you'll be eye level with the carriages.
It's not something suitable for young children, though there isn't any nudity and performances run in the evenings. Just keep in mind: shows are performed hourly from 6pm-11pm Thursday through Saturday. Be responsible, parents!
You can purchase tickets to ride on the ships. Not that I did, but you could.